Mastering Digital Transformation: Strategies and Insights from Talks with Top Executives.
Three ideas to embrace, and three things to avoid at all cost.
Recently, Julia Sweet, CEO of global behemoth Accenture, proclaimed “We are entering the decade of AI” and announced a three billion dollar investment in Artificial Intelligence to help businesses reinvent, compete, and achieve greater growth. Regardless of how you may personally feel about AI, it is widely regarded as the most innovative, transformative technology to emerge in decades. It is the new frontier.
Any time innovative, game-changing technology comes into play, there are always clear winners and losers. Oftentimes industry giants shut their doors while nimble and opportunistic newcomers eat up market share. This is almost always the result of decisions (or lack thereof) made by executive leadership during critical times.
While digital transformation is nothing new for successful companies, we wanted to share what great leaders should do (and avoid) to stay ahead of the curb.
After nearly two decades of working daily with senior executives from Fortune 500 and FTSE 100 companies to help identify and recruit transformative leadership from companies from all over the world, we have picked up on what the best companies do to foster an innovative, digital culture and stay ahead of the curve.
Here are our top three tips for success:
1Be open to external talent
More often than not, positions such as Chief Digital Officer, Chief Data Officer, and Chief Artificial Intelligence Officer are best filled by talent in organizations outside of your company, and even outside of your industry. True experts in this field typically come from a tech or data company/background.
Make digital a top priority
Ensure that digital transformation is a top agenda item within the organization. It should be championed from the top, with active involvement from executives in setting the direction and goals for digital initiatives.
Empower Digital Leadership
Provide digital leaders with exposure to the board and the authority to create and lead a dedicated digital team. These leaders should be empowered to identify necessary changes and drive the digital transformation process effectively.
Here are the top three things we have seen companies do that have negatively impacted their performance, making it significantly more difficult to pivot and thrive. To avoid making the same mistakes, don’t:
Fill important positions just to check a box
Most companies are aware that they have to do something regarding digital leadership but don’t know where to start. To look good on paper, many typically appoint in-house executives who may not be equipped to lead the company through complex technological advancements.
Be reluctant to invest in technology
Steer clear of leaders who are hesitant to invest in or effectively utilize technology tools. Such reluctance can impede progress and competitiveness in the digital era, hindering data-driven decision-making and growth. Resistance to technology can hinder an organization’s ability to adapt and innovate.
overemphasize historical data
Don’t prioritize historical data over forward-thinking assessments and decision-making. In the digital age, successful leadership requires a forward-looking approach that embraces innovation and digital transformation. Leaders who dwell too much on the past may miss opportunities for growth and adaptation.
That’s all for now folks! Don’t get caught on the wrong side of the innovation curve.
If you would like help identifying and recruiting leaders equipped with the tools necessary to transform your company, please don’t hesitate to reach out.
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Have any questions? We are always open to talk about your executive hiring needs, challenges, and opportunities, and discuss how we can help you.